Adjusting Entries Are Needed

question 98

Multiple Choice

Adjusting entries are needed:

• A)Whenever revenue is not received in cash.
• B)Whenever expenses are not paid in cash.
• C)Only to correct errors in the initial recording of business transactions.
• D)Whenever transactions affect the revenue or expenses of more than one accounting period.

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Definitions:

Papyrus

An early form of writing paper developed by the Egyptians.

Movable Type

Gutenberg’s invention that allowed individual letters or images to be moved without influencing the surrounding text.

Innis's Theories

The ideas and theories of Harold Innis, a Canadian economist and scholar known for his contributions to media theory and economic history, especially the concepts of time-biased and space-biased media.

Transcend Space

To go beyond or rise above the physical boundaries of space, often in a metaphysical or abstract context.